Definition
Schedule K-1
The IRS tax form an SPV issues each LP to report their share of partnership income and deductions.
Schedule K-1 (Form 1065) is the IRS partnership tax form that reports each LP's allocable share of the SPV's income, deductions, credits, and other tax items for the year. Because Delaware SPVs are pass-through entities for US tax purposes, LPs receive a K-1 — not a 1099 — and report the income on their personal returns. K-1s are typically issued by the fund administration partner each spring, with extensions common while the underlying portfolio company's financials are finalized.